$900 a share
WPP came in with an offer at more than $900 a share or at least $1.25 billion; Hellman at $880 a share or $1.22 billion; and Havas at $850 a share or $1.18 billion, the person said.

At that those levels, all bids would be considerably below Grey's Sept. 8 closing price of $940 a share or $1.31 billion.

Grey's prolonged auction at this point appears to have added little value. The best reported offer, from WPP, isn't much above the price -- $850 a share -- where Grey closed June 24, the day before the first media reports that Grey's chairman-CEO, Ed Meyer, had hired investment bankers to shop the company.

Skeptical investors
WPP was seen from early on as the potential buyer in the strongest position to do the deal, and its apparent top bid confirms that status. British giant WPP, though, still faces skeptical investors who would like it to take a pass on the acquisition of an underperforming mid-tier rival.

If Havas and Hellman bids came in behind WPP, it's conceivable they could raise their offers for New York-based Grey. But whether the auction gets heated is far from certain.

French ad firm Havas still must win over investors worried that it can ill afford to take on Grey given Havas' own high debt and performance issues. Havas could face opposition from Vincent Bollore, a French financier who this summer bought into Havas.

Havas announcement
But Havas is forging ahead. Minutes after the official bidding deadline of 3 p.m. New York time yesterday, Havas announced it was proceeding on a bid. Havas became the first firm to formally disclose it was bidding.

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Bradley Johnson

Brad Johnson is Ad Age's director of data analytics and runs Ad Age Datacenter with colleague Kevin Brown. Johnson focuses on data and financial topics related to marketing, advertising and media. Johnson has held Ad Age posts in Chicago, Los Angeles and New York including editor at large, deputy editor, interactive editor, bureau chief and reporter.